Charlotte has given Ron a BIG bar of chocolate for Valentine’s day! He decides to break the bar into its individual squares to s
1 answer:
You might be interested in
Answer:
Step-by-step explanation:
<u><em>Solution:</em></u>
<u><em></em></u>
Hope this helps!
Answer:
$18,726.11
Step-by-step explanation:
Lets use the compound interest formula provided to solve this:
<em>P = initial balance</em>
<em>r = interest rate (decimal)</em>
<em>n = number of times compounded annually</em>
<em>t = time</em>
<em />
First lets change 9% into a decimal:
9% -> -> 0.09
Since the interest is compounded quarterly, we will use 4 for n. Lets plug in the values now:
<u>The balance after 5 years is $18,726.11</u>